EBRD: First local currency financing for micro and small businesses in Mongolia
July 7, The FINANCIAL -- The EBRD is boosting the availability of local currency financing in Mongolia with a synthetic loan in Mongolian Togrog worth $8 million to XacBank for on-lending to local micro, small and medium-sized enterprises (MSMEs).
… The EBRD holds approximately ten per cent equity stake in XacBank.
"The synthetic local currency loan, the first one provided by the EBRD in Mongolia, will help XacBank increase the term of its local currency funding, and expand its portfolio of loans in Togrog. This will enable XacBank's clients to repay their loans in the same currency as they earn from their operations," EBRD reports.
Since the beginning of the EBRD's operations in Mongolia in 2006, the Bank has committed over €294 million in various sectors of the Mongolian economy, with total projects cost of €936 million.
"Mogi" Munkhdul Badral
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